Cricut (NASDAQ:CRCT) Reaches New 1-Year High After Dividend Announcement

Posted by Defense World Staff on Jun 7th, 2023

Cricut, Inc. (NASDAQ:CRCT – Get Rating) hit a new 52-week high on Tuesday following a dividend announcement from the company. The stock traded as high as $13.74 and last traded at $13.74, with a volume of 170628 shares. The stock had previously closed at $12.09.

The newly announced dividend which will be paid on Monday, July 17th. Shareholders of record on Monday, July 3rd will be issued a dividend of $1.00 per share. The ex-dividend date is Friday, June 30th. This is a positive change from Cricut’s previous dividend of $0.35.

Analysts Set New Price Targets

CRCT has been the subject of a number of research reports. Barclays lowered their price target on shares of Cricut from $7.00 to $6.00 in a report on Thursday, May 11th. Citigroup increased their price objective on shares of Cricut from $8.68 to $9.50 and gave the company a “neutral” rating in a report on Wednesday, March 8th.

Cricut Stock Up 6.0 %

The stock has a market cap of $2.81 billion and a price-to-earnings ratio of 61.05. The stock’s fifty day moving average is $9.48 and its 200-day moving average is $9.44.

Cricut (NASDAQ:CRCT – Get Rating) last issued its quarterly earnings data on Tuesday, March 7th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The business had revenue of $280.76 million for the quarter, compared to analyst estimates of $261.00 million. Cricut had a return on equity of 6.52% and a net margin of 5.62%. The business’s quarterly revenue was down 27.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 EPS. As a group, equities research analysts predict that Cricut, Inc. will post 0.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Cricut

In related news, EVP Donald B. Olsen sold 15,000 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $8.95, for a total value of $134,250.00. Following the sale, the executive vice president now directly owns 622,904 shares of the company’s stock, valued at approximately $5,574,990.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 18.46% of the company’s stock.

Hedge Funds Weigh In On Cricut

Several hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. lifted its position in shares of Cricut by 1,808.6% in the first quarter. Rockefeller Capital Management L.P. now owns 53,976 shares of the company’s stock worth $550,000 after purchasing an additional 51,148 shares in the last quarter. Geode Capital Management LLC increased its stake in Cricut by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 398,002 shares of the company’s stock valued at $4,060,000 after buying an additional 9,019 shares during the last quarter. BloombergSen Inc. lifted its position in Cricut by 28.0% during the 1st quarter. BloombergSen Inc. now owns 27,234 shares of the company’s stock worth $278,000 after buying an additional 5,950 shares in the last quarter. Credit Suisse AG grew its holdings in shares of Cricut by 15.0% in the 1st quarter. Credit Suisse AG now owns 23,972 shares of the company’s stock valued at $245,000 after acquiring an additional 3,135 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Cricut in the first quarter valued at about $121,000. 9.76% of the stock is owned by institutional investors.

Cricut Company Profile

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Cricut, Inc designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates in three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company offers connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations.